A new trilateral industrial initiative involving Greece, the United States and South Korea is set to accelerate the development of Greece’s shipbuilding sector through a major investment program centered on the Elefsina Shipyards near Athens.
The initiative, known as Project Trident, was presented during the signing of a strategic alliance agreement between ONEX Shipyards & Technologies Group and Hanwha Ocean at the U.S. Embassy in Greece. The project is designed to strengthen shipbuilding and naval support capabilities while positioning Elefsina as a key maritime and defense hub in the Mediterranean.
Under the agreement, ONEX Shipyards & Technologies Group will carry out a phased infrastructure development program valued at €1.35 billion. Part of the funding is expected to be supported by the U.S. International Development Finance Corporation (DFC). Hanwha Ocean will provide advanced shipbuilding technologies and industry expertise for the modernization program.
The partners plan to expand ship construction capacity and maintenance, repair and overhaul (MRO) services across ONEX-operated facilities. Their objective is to build a regional center capable of supporting the Hellenic Navy and allied naval forces in the Mediterranean.
The agreement follows a Teaming Agreement signed in March and marks another step in maritime defense cooperation among Greece, South Korea and the United States. The roadmap combines infrastructure investment, technology support and operational cooperation between the two companies.
U.S. Ambassador to Greece Kimberly Guilfoyle described the agreement as a practical example of strategic investment and trilateral cooperation. She said the initiative strengthens shipbuilding ties among the three countries and supports a more secure and prosperous future.
Greek Deputy Foreign Minister Harry Theoharis described the agreement as a significant development that combines U.S. defense technology, South Korean shipbuilding expertise and Greek industrial capacity. He said Greece has the resources needed to become a major center for shipbuilding, defense support, and technological innovation in the Eastern Mediterranean.
Theoharis added that Elefsina could play an important role in supporting complex naval programs and strengthening Greece’s industrial base. He said Project Trident creates a new shipbuilding, industrial and defense ecosystem centered on Elefsina, while also opening wider economic opportunities beyond defense.
